Residential Mortgage for Unique Needs

A broker approached us for his clients, ages 70 & 68 who were seeking a residential mortgage on their main residence. The property was non-standard and declined with previous lenders due to the timber frame structure and masonry outer leaf. The clients had an existing mortgage in place but wanted to switch to an interest-only mortgage, using the future sale of land as the repayment.

In order for us to reach out to our lender panel, the clients, both self-employed Limited Company Directors had to evidence pension income due to their age. This presented an additional challenge, as many lenders are cautious when dealing with older borrowers, particularly when reliant on non-traditional income sources. Given the complexity of the case, including age, property type, income structure and repayment method a standard mortgage route was not viable. A specialist residential mortgage was required, and our expert team were more than willing to help.

We scanned our panel of lenders to identify a suitable solution. Leveraging our specialist lending expertise, we were able to source a lender who accepted non-standard construction and considered older clients with a tailored approach to affordability. Meeting the client’s expectations, we sourced a lender who was comfortable with interest only lending and secured a loan of £110,000 over a 5-year fixed term.